Consolidated Annual Report 2015

37 BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED CONSOLIDATED ANNUAL REPORT 2015 BARBADOS PUBLIC WORKERS' CO-OPERATIVE CREDIT UNION LIMITED Notes to the Consolidated Financial Statements For the year ended March 31, 2015 (Expressed in Barbados dollars) 24 3. Net Interest Income 2015 2014 Interest income Loans and advances $ 76,893,379 73,108,355 Financial investments 1,676,025 1,142,636 Cash resources 2,360,547 3,653,139 80,929,951 77,904,130 Interest expense Deposits 28,328,098 25,616,139 Loans payable 2,847,879 3,556,286 31,175,977 29,172,425 Net interest income $ 49,753,974 48,731,705 4. Other Income 2015 2014 Fee income $ 1,325,492 1,539,775 Legal income 1,016,349 863,695 Rental income 75,264 64,974 Bad debt recoveries 396,008 278,639 Insurance agency commissions 742,877 556,625 Dividend income 114,792 112,292 Realised gain on sale of investments - 4,945 Gain (loss) on disposal of equipment 44,511 (15,774) Lease income 2,260 13,560 Other 12,308 27,479 $ 3,729,861 3,446,210 5. Staff Costs 2015 2014 $ 11,516,983 10,902,235 959,916 880,808 94,256 89,681 604,268 506,725 Salaries National Insurance scheme contributions Pension plan – defined contribution plan Pension plan – defined benefit plan (Note 1 4 ) Other costs 1,459,486 1,235,263 $ 14,634,909 13,614,712